These loans are designed to help buyers cover down payments or closing costs on a new home before finalizing the sale of their existing one. There is an increasing interest in this product in today’s competitive housing market, marked by high prices and tight inventory. Some buyers can’t compete without first selling, missing opportunities in the home-buying struggle.
Rocket clients will have up to six months to sell their homes, making interest-only payments during that period. To qualify, borrowers must have their current home listed or under contract with a listing agent, a guaranteed buyout agreement in place and must pair the bridge loan with a Rocket Mortgage purchase loan.
“Buying and selling a home at the same time can be one of the most stressful parts of the journey,” said Bill Banfield, chief business officer and economist at Rocket. “Rocket Mortgage’s new bridge loan alleviates this by helping people purchase on their terms — not the market’s. It removes one of the biggest barriers to moving: immediate access to the equity in their current property. With this new flexibility, buyers can quickly and confidently secure their next home.”
The launch follows Rocket’s February rollout of RocketRentRewards, a program offering closing cost credits to renters. Eligible buyers can receive up to 10% back on the past year’s rent if they finance through Rocket.
In the first quarter, chief financial officer Brian Brown told analysts the company had an increase in refinancings and home equity loans. Rocket originated $21.5 billion in mortgages in the period, up from $20.2 billion in the same period last year but down from $27.8 billion in the fourth quarter of 2024.
The company is leveraging technology to better navigate mortgage market cycles.
